1st Real estate rental investment

[Jonathan Jerman]

Hello everyone,I am new to real estate and I'm looking to connect with people in my area.  I am looking to purchase my first property this year in the Syracuse area. My goal is to purchase a property and have it either be rental or air bnb ready by end of spring. Not sure where to start, open to any advice or information.

Thanks!

[Ramandeep Sidhu]

Welcome to the world of real estate investing! Purchasing your first rental property can be a exciting and potentially lucrative decision, but it's important to do your due diligence and carefully consider all of your options before diving in. Here are a few things to consider as you begin your journey:

1. Determine your investment goals: What do you hope to achieve with your rental property? Are you looking for long-term passive income, or do you want the flexibility to use the property as a vacation rental? Understanding your goals will help you make informed decisions about which property to purchase and how to manage it.
2. Research the market: It's important to have a good understanding of the local real estate market, including average rental rates, demand for rental properties, and any potential challenges or opportunities. You may want to consider working with a real estate agent or broker who can provide you with valuable insights and help you find properties that meet your investment criteria.
3. Consider the type of property: Single-family homes, duplexes, and small apartment buildings are all popular choices for first-time investors. Consider factors such as the size and condition of the property, as well as its location and any amenities it offers.
4. Create a budget: Determine how much you can afford to spend on a property, and make sure to factor in all of the costs associated with owning and maintaining a rental, such as property taxes, insurance, repairs, and management fees.
5. Consider hiring a property manager: If you don't have the time or expertise to manage the property yourself, you may want to consider hiring a property manager to handle tasks such as finding and screening tenants, collecting rent, and handling maintenance and repairs.

I hope these tips are helpful as you begin your journey into real estate investing! Good luck!

[Nate Monson]

Hi Johnathan, @Ramandeep Sidhu did a great job summing up where to begin. I would double down on his first point. You have to figure out WHY you're even trying to do this in the first place. Money is cool but it's only as important as the tangible things it can do for you. Once you are super clear on this it will be come a lot easier to make decisions on long term vs. short term rentals and anything else that you will have to decide while getting into the business. Good luck!

[Jonathan Jerman]

Quote from @Ramandeep Sidhu:

Welcome to the world of real estate investing! Purchasing your first rental property can be a exciting and potentially lucrative decision, but it's important to do your due diligence and carefully consider all of your options before diving in. Here are a few things to consider as you begin your journey:

1. Determine your investment goals: What do you hope to achieve with your rental property? Are you looking for long-term passive income, or do you want the flexibility to use the property as a vacation rental? Understanding your goals will help you make informed decisions about which property to purchase and how to manage it.
2. Research the market: It's important to have a good understanding of the local real estate market, including average rental rates, demand for rental properties, and any potential challenges or opportunities. You may want to consider working with a real estate agent or broker who can provide you with valuable insights and help you find properties that meet your investment criteria.
3. Consider the type of property: Single-family homes, duplexes, and small apartment buildings are all popular choices for first-time investors. Consider factors such as the size and condition of the property, as well as its location and any amenities it offers.
4. Create a budget: Determine how much you can afford to spend on a property, and make sure to factor in all of the costs associated with owning and maintaining a rental, such as property taxes, insurance, repairs, and management fees.
5. Consider hiring a property manager: If you don't have the time or expertise to manage the property yourself, you may want to consider hiring a property manager to handle tasks such as finding and screening tenants, collecting rent, and handling maintenance and repairs.

I hope these tips are helpful as you begin your journey into real estate investing! Good luck!

Ramandeep,

I appreciate all of the insight.

I would love to connect further!

Thanks,

[Jonathan Jerman]

Quote from @Nate Monson:

Hi Johnathan, @Ramandeep Sidhu did a great job summing up where to begin. I would double down on his first point. You have to figure out WHY you're even trying to do this in the first place. Money is cool but it's only as important as the tangible things it can do for you. Once you are super clear on this it will be come a lot easier to make decisions on long term vs. short term rentals and anything else that you will have to decide while getting into the business. Good luck!

 Nate,

Thank you for the response. My goal is to become financially free and have something that produces cash flow. I’d think by either or both with air bnb properties I buy or renting the properties monthly. I am at the point where I am viewing properties with my agent, just having some issues finding properties that are worth putting money into. Would love to know more about how you first started?

Thanks

[Will Chamberlin]

Sounds like you are looking at SFH so especially if you are thinking of AirBNB make sure you are buying in an area that can support that. Do you live locally? North side, south side, near west side are all tough sells for that sort of thing but could be good for long-term rental if you are familiar with the neighborhoods. Figuring out a strategy is key. Happy to chat as I have rentals in some of the suburban neighborhoods.